Customer Success Story

Paramount Commercial closes Legendary Glendale Tower for $48 Million

See how Paramount Property Tax Appeal helped a client acquire a high quality Multi Family Property located in LA.

 

Sold Legendary Glendale-1
$48M

Off Market Deal

>4 Months

Transaction Completed

estate-evaluation
Industry
Multi Family
Problem
1031 Exchange
Results
Acquisition of a $48M Apartment Complex

The Problem

We had a client approach us as they were in a 1031 exchange and had $51 million in the accommodator’s account. This is a wealthy family that was looking for very high-quality Core LA area properties to acquire and hold for the long term.

 

Our Solution

Jon Fleming and Paramount Commercial were able to identify an ideal property to purchase through our tax appeal client base. Our highly successful tax appeal business has given us the unique opportunity of being connected with a variety of large, owners and operators of multifamily properties. We negotiated the transaction with the seller at a price that was compelling and appealing. Our buyer assumed existing FNMA debt that was at an above market rate when the purchase was negotiated but was competitive at closing.

 

The Results

Jon was able to guide the client through the transaction while maintaining close contact with both parties. Paramount Commercial was able to close the transaction at $48 Million off-market deal, at a price of $600,000 per unit. From start to finish the transaction was completed in under 4 months.

 

Why Choose Paramount Commercial

  • Competency with all property types
  • Clients range from investors to Fortune 500 companies

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